image credit: Mike Mozart / Flickr

Macy’s Troubles Continue; Digital Focus Leads To Cautious Optimism For Q4

November 19, 2020

The headwinds facing Macy’s pandemic-driven downturn recovery have been well-documented. Falling foot traffic at malls and a general department store category malaise are just two of them and the consequences were on display in its Q3 earnings announcement on Thursday (Nov. 19).

The key number showed a comp store drop of 20.2 percent compared to 2019 and a digital sales increase of just 27 percent. CEO Jeff Gennette told the company’s earnings call that Macy’s was cautiously confident that it could build on both results for the fourth-quarter holiday season.